Gold prices was seen hitting the $1,945.20 level. Further stimulus and mixed data would make the case for the bears. On the other hand, continued tension in the China-American trade war as well as uncurbed coronavirus cases would weigh on the bulls for the yellow metal. Furthermore, I read that a Top US FDA official has vowed to resign if Trump approves an unproven Covid19 Vaccine. More internal turmoil, on top of the Democrats and Republicans tiff would certainly not bode well for the US. Overall, gold’s longer-term outlook will benefit from never ending pandemic concerns, geopolitical risks, and weaker US dollar.
Also sharing a snipped of ANZ’s view on gold for your digestion:
Falling real yields and a weakening USD have seen investor demand surge. We see this demand remaining strong for the foreseeable future amid a challenging macro backdrop. The expansion of central banks' balance sheets shows no sign of abating, while US-China tensions escalate. This should see interest rates remain low, leaving further upside to gold prices (ANZ hold a bullish outlook for the week and month ahead).
All said and done, gold is consuming the attention, analysis and eyes of many now. Apt quote from Robert Kiyosaki, "Commodities such as gold and silver have a world market that transcends national borders, politics, religions,and race. A person may not like someone else's religion, but he'll accept his gold."
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